How to Always Keep Your Assets in a Safe Place?
Blockchain technology has revolutionized how we define, store, and transfer assets, offering unprecedented security and transparency. However, as with any deposit, be it a bank, a stock, or a wallet in hand, there are always risks and vulnerabilities to be acknowledged and proactively managed. Based on MixMavrel’s years of investing experience, we have provided 4 points below that may help you secure your on-chain belongings.
1. Invest in reliable projects developed by credible teams.
Investing assets in reliable projects developed by credible teams is one of the best ways to avoid rug pulls and keep your assets safe. Whether it is for an individual or a venture company, conducting thorough research and selecting the right project or partner is always the first task to be completed.
MixMarvel has vast experience with content incubation, asset distribution, blockchain technology empowerment, consultancies, and Metaverse co-creation. Its comprehensive capability, acute market awareness, and sharp foresight into future trends have all contributed to discovering truly promising projects and assisting their success. Among the notable cases are HyperDragons, which ranked first among Ethereum NFTs in August 2018; DeHero, which ranked second among all blockchain games in 2021; and other Web3 projects that have plugged into emerging markets, intending to lead a varied Web3 future.
MixMarvel also works with ecosystem partners who have strong industry backgrounds and reputations. Rangers Protocol, for example, was founded by senior developers from gaming and technology giants such as Ubisoft, Alibaba, Tencent, and Huawei. Such a pedigree is almost a guarantee that not only will there be no rug-pulling, but that some achievements can also be expected from the dream team, and that the investment may turn out highly rewarding.
2. Choose a secure blockchain.
NFTs and cryptocurrencies are not stored in a wallet but on a blockchain that the wallet can access using a private key. Hence, a secure blockchain is also essential for one’s asset safety. Here, we’ll use Rangers Mainnet to illustrate how a secure blockchain can help you protect your belongings.
Backed by Rangers Protocol, Rangers Mainnet utilizes a group chain model that reduces malicious behavior through group inspection and creation. This model is facilitated by the decentralized SSS (Shamir secret sharing) algorithm and the Verification Group Signature Mechanism supported by the BLS algorithm. It allows group signatures to be completed without revealing the private key, so that group members’ signature private key can be continuously reused.
Rangers Mainnet also has a Double Guarantee Mechanism of relay chain and smart contract to avoid the risk of centralization and ensure the safety of users’ assets as they conduct cross-chain transactions. Audited by Certik, Rangers Mainnet has proven its dependability and security to the mass users and is now on its way to providing services to more DApps and Web3 participants in need.
3. Secure your wallet (as well as the private keys held by it).
First and foremost, use a strong password to encrypt your wallet. This will help prevent unauthorized access to your wallet and the assets it relates to. You can also choose a hardware wallet (also known as a cold wallet). The hardware wallet is a physical device that is not connected to the internet and is, therefore, less susceptible to hacking attacks and other vulnerabilities typical of internet-connected data.
Another tip for keeping your wallet secure is to regularly back up your wallet and store your backups in multiple locations. You can, for instance, use multi-signature security to maintain control of your coins even if one of your devices is compromised; or you can generate, write down and hide your wallet’s mnemonic seed — a string of words that can be used to restore your wallet in the event of a hardware failure.
Last but not least, keep your private key to yourself and do not share it with anyone else. No blockchain trade requires you to disclose your private keys to fulfill, so be wary of any who claims the opposite. Otherwise, you may run the risk of losing control of your private key and all assets to which it has access.
4. Ensure network security.
Apart from the three points mentioned above, network security is another equally important factor that gets frequently overlooked. Ensuring network security embraces many trivial matters, including being aware of phishing sites and other scams, using a secure Wi-Fi connection (never connect to your online wallet, exchange account, or another critical security point via public WiFi that lacks strong encryption such as the WPA-2 protocol), and double-checking crypto addresses before transferring any assets. All these might seem as well-worn advice or obvious recommendations, yet they are constantly relevant to the security status of your blockchain assets and require caution at all times.
We hope the tips above will help you feel more confident in handling your on-chain assets and protecting them from potential threats. Safe and secure asset management is closer than we think. As individual efforts and industrial development intertwine, the solutions will be at hand to build a blockchain system everyone can depend on — and a future of on-chain assets that is secure and worry-free.
About MixMarvel
MixMarvel is the world’s leading blockchain content-incubation platform and creators community. By in-depth exploring the open world and integrating world-renowned IP with high-quality content, MixMarvel connects investors and mass users through asset distribution, content publication, DeFi tools, infrastructure, community co-creation, and other diversified scenarios in a new ecosystem of dapps. Its ecosystem comprises a broad portfolio of FT/NFT assets, including the MIX, RPG, and HEROES tokens; blockchain content, including the GameFi application DeHero; and infrastructures, including Rangers Protocol and MixMarvel SDK. For more information, visit https://linktr.ee/MIXMARVEL.
